Financing Tesla vehicles in Canada

[tche93]

Hi guys! I'm new to the community and I'm thinking about buying a Model 3, now I saw that there is a Lease optio for the model 3 and it's way cheaper than a loan, would you guys recommend a lease? Any pros and cons you csn think of?

Welcome! I'm pretty new as well. In my honest opinion, I would only lease a vehicle if you're someone who doesn't keep vehicles for more than 3 or 4 years OR you own a business and can write things off. I personally think you'll fall in love with the car and want to buy it out at the end but you'll be paying more for the vehicle in the end with payments and purchasing. Also you're limited in KMs you can put on the car per year. So it depends on what you wanna use the vehicle for.

 

[Gioreyes94]

Welcome! I'm pretty new as well. In my honest opinion, I would only lease a vehicle if you're someone who doesn't keep vehicles for more than 3 or 4 years OR you own a business and can write things off. I personally think you'll fall in love with the car and want to buy it out at the end but you'll be paying more for the vehicle in the end with payments and purchasing. Also you're limited in KMs you can put on the car per year. So it depends on what you wanna use the vehicle for.

Thanks for your input, in the last 5 years I've had 2 brand new cars so probably lease was a good option all along and never even considered it. I also love in a small Ontario town and have done 17,000 kilometers on my current truck in 1 year and 8 months. Also, reading the leasing options on the Tesla webpage, it says 16,000km per year which is a good number I think and also you can buy the car at the end of the lease, it makes the payments more affordable for the first 4 years so I think I will go with a Model 3 on a lease.

 

[Bobo2408]

I think and also you can buy the car at the end of the lease, it makes the payments more affordable for the first 4 years so I think I will go with a Model 3 on a lease.

Tesla doesn’t let you buy the car at the end of the lease, it’s always been that way.

 

[Gioreyes94]

Tesla doesn’t let you buy the car at the end of the lease, it’s always been that way.

That's not what the Tesla webpage says

 

[hasanzu]

Hi guys! I'm new to the community and I'm thinking about buying a Model 3, now I saw that there is a Lease optio for the model 3 and it's way cheaper than a loan, would you guys recommend a lease? Any pros and cons you csn think of?

A little off topic to the subject of the thread but I too am interested in leasing because I may want to get a Y/other electric SUV down the line but would like to try out the 3 for now.
Also wondering what the lease rate is and if it's already incorporated in the monthly lease price they're giving.

 

[tche93]

View attachment 573865
That's not what the Tesla webpage says

You can purchase after your lease is up, but in the end with leasing and purchasing you end up paying more for the vehicle overall because of the end buy out price. So smaller monthly payments for 4 years but a lot more to pay after if you purchase. Compared to just purchasing now and paying more per month. But in the end it’s all up to you!

 

[yumpovermydoo]

I emailed the email address provided here asking to update my rates but they said they need to resubmit my application... It's been less than 30 days and I did not ask for a new bank - any ideas why?

 

[KoppDuong]

I emailed the email address provided here asking to update my rates but they said they need to resubmit my application... It's been less than 30 days and I did not ask for a new bank - any ideas why?

I'm not sure, I emailed as well and was told they would contact the financial and get back to me. It's been almost a week and my account still shows 2.8

 

[gauravk17]

I'm not sure, I emailed as well and was told they would contact the financial and get back to me. It's been almost a week and my account still shows 2.8

hey. you should follow up with them. Mine was done in 3 days (I sent a follow up on 3rd day). Also, I read that people in this forum here got it updated the same day as well.

 

[eldender]

I'm not sure, I emailed as well and was told they would contact the financial and get back to me. It's been almost a week and my account still shows 2.8

Mine was updated in my account in less than 6 hours, so definitely follow up!

 

[sokhangoo]

I was waiting to do my financing and today went into a Tesla store in Vancouver, filled the application in 10 minutes and got approved in 10 minutes after that. RBC, 96 months, no additional downpayment other than the $2,500, @ 2.6%. I've ordered M3 SR+ Blue with black interior and no FSD.

 

[KoppDuong]

Update* sent an email request for interest rate update and was instantly updated to the 2.6% thanks everyone for your recommendations!# also received a text with a updated 4-7 week wait ..

 

[mrbush22]

For everyone waiting for delivery at the moment, I expect we're all looking at approx 4-7 weeks currently. I wonder how much lower rates might go during that time? I would like to avoid requesting an interest rate update multiple times between now and then.

 

[sokhangoo]

For everyone waiting for delivery at the moment, I expect we're all looking at approx 4-7 weeks currently. I wonder how much lower rates might go during that time? I would like to avoid requesting an interest rate update multiple times between now and then.

My SA said rates pretty much update monthly, so if our deliveries fall into September and rates go down, we can request a rate change. But requesting a change every week without the rates actually change is pointless. So I'd wait for confirmation of rates go down and request the change. My SA said there is no limit to number of rate change requests that we can make

 

[kevchan]

@Gioreyes94, Lazy/sloppy wording/updates on the Tesla website. There are no buyout options for the 3 and Y, you have to return the vehicle. Only the X and S have buyout options.

Lease-End Options

 

[oliverdavidwow]

Hi everyone, I'm also new here. Ordered my Model 3 LR AWD on August 4th and got the same 4-7 week delivery note.

I also got the 2.15% financing rate with 72 months. I guess we will find out end of the month or early September if that changes.

 

[stevohello]

So I went to apply for financing and I noticed that somehow my date of birth has been changed on my order profile. Not exactly sure how that happened or why. I was having issues inputting my drivers licence last month, so my sales associate inputted the information on his end. I'm fairly certain that the information was correct when it was first recorded. Anyone notice anything similar? My Model 3 SR+ is supposed to arrive mid next month. So far I haven't been able to get a hold of my sales associate. I've tried e-mailing him and texting him as well.

 

[sando]

For those of you that have already picked up your car, how long did it take to get bank details to check your remaining payments or change payment options?

It's been over a month and still waiting for a welcome package from RBC.

 

[dovu]

I just emailed at 11:06am to get my interest rate updated From 2.8 to 2.6
11:10am they responded and updated it.. holy moly..

 

[Ajlehman]

I just wanna thank everyone in this Thread, I went to look at car today, ended up putting down my deposit. Financing was approved at 2.15% @ 72 months.... Now the wait begins for delivery.